LAS VEGAS (AP) — A report for a cannabis trade group says marijuana production, processing, and sales could reap more than $1 billion in tax revenue for Nevada over seven years.
A customer purchases marijuana from Essence in Las Vegas on July 1, 2017, the first day of legalized adult-use sales in Nevada. The Nevada Dispensary Association, a trade group representing the state’s cannabis retailers, released an economic analysis Oct. 26, 2018, that forecasts Nevada recording $1 billion in tax revenues over seven years. (Associated Press File Photo/John Locher)
That’s a key finding in an economic analysis released Oct. 26, 2018, by the Nevada Dispensary Association. It projects that cannabis-friendly policies in tourist-oriented Las Vegas and Reno could make Nevada one of the nation’s largest marijuana marketplaces by 2024.
Customers line up July 1, 2017, the first day of adult-use sales in Nevada, at NuLeaf in Las Vegas. Dispensaries like this one could be part of an industry that the Nevada Dispensary Association, a marijuana trade group, says will produce $1 billion in tax revenue for the state by 2024. (Associated Press File Photo/John Locher)
The report comes after state officials reported that first-year taxable cannabis sales totaled almost $530 million statewide. Nevada received just under $70 million in tax revenue since sales started July 1, 2017.
The analysis by Las Vegas-based RCG Economics didn’t look at public safety, health, human services, schools, or criminal justice costs associated with legalization.
Nevada is among nine states and Washington, D.C., that have legalized adult-use cannabis.
The Las Vegas Strip is already the world’s premier gambling and vacation destination, and Sin City offers more temptation to the canna-curious and committed stoners alike with legal marijuana available in Nevada. Adult-use sales have been legal since July 1, 2017. (Associated Press File Photo/Steve Marcus)
